South Korean conglomerate SK Group has acquired a 16.26 percent stake in VinCommerce, the subsidiary of Masan Group that controls its VinMart retail chain, for 410 million USD. Woncheol Park, representative director of SK South East Asia Investment, said his company has great belief in the potential of Vietnam’s online and offline retail sector and expects VinCommerce to play a vital role in its modernization.
Both SK Group and Masan Group expect organized retail with distribution and logistics management like supermarkets and hypermarkets to account for 50 percent of Vietnam’s retail sector in the next decade, up from the current 8 percent and the fastest rate in the Asia Pacific region.
“We believe VinCommerce will become the leading offline-to-online retailer in the near future,” Woncheol Park said.
SK Group, South Korea’s third largest chaebol, has interests in energy, chemicals, telecommunications, semiconductors, logistics, and services. It operates in over 40 countries and reported consolidated revenues of 86 billion USD last year.